Sinochem hires banks to manage pre-IPO stake sale: sources

Hong Kong

SINOCHEM Group, the Chinese state-owned oil and chemicals producer, has hired investment banks to arrange a stake sale to outside investors ahead of a potential initial public offering, according to people with knowledge of the matter.

The Beijing-based company is seeking to raise funds and diversify its investor base, said the people, who asked not to be identified because the information is private. Sinochem is planning a stock market listing of the entire group in the medium to long term, one of the people said.